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Overdraft Privilege Service Opt-In/Opt-Out Form

Use this form to opt in to various levels of Putnam Banks Overdraft Privilege Service. You may also opt out of all of the Overdraft Privilege Services (OPS):

What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.  We can cover your overdrafts in two different ways:

  1. We have standard overdraft privilege service that comes with your account.
  2. We also offer overdraft protection plans, such as Overdraft Line of Credit (subject to approval) or a link to a savings account, which may be less expensive than our standard overdraft practices.  To learn more, ask us about these plans.

This notice explains our standard overdraft privilege service.

 What are the standard overdraft privilege services that come with my account?

 We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments made using your checking account number

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.  If we do not authorize and pay an overdraft, your transaction will be declined.

 What fees will I be charged if Putnam Bank pays my overdrafts?

 Under our standard overdraft privilege services:

  • We will charge you a fee up to $28.00 each time we pay an overdraft.
  • We do limit the number of daily fees we can charge you for overdrawing your account to 5 per day for a total of $140.00 per day.

IMPORTANT OPT-IN INFORMATION

What if I want Putnam Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?  If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions please print out the opt-in form Click Here and stop by any one of our branch locations or complete the form, sign and mail it to Putnam Bank, P.O. Box 151, Putnam, CT 06260. If you choose to not authorize Putnam Bank to overdraw your account to cover the ATM and one time debit card transactions and your account is overdrawn due to these transactions, the transaction will be declined.  See our full disclosure for further details.

If you wish to opt-out of all overdraft privilege services please complete our secure form below or call us at 1(800)377-4424.

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